Imports into major US container ports are breaking one record after another, as they hit new highs this spring.
The reason is the expected inflation, which leads retailers to order goods before prices rise. Another reason, however, is the further issues facing the supply chain, according to the monthly Global Port Tracker report published by the National Retail Federation (NRF) and Hackett Associates.
US ports covered by Global Port Tracker handled 2.34 million TEU in March, up 10.8% month-on-month and 3.2% year-on-year.
In fact, this figure surpasses the previous record of 2.33 million TEU, set in May 2021. This number concerns imports in just one month and is the largest since NRF began monitoring imports in 2002.
“Retailers are importing record amounts of merchandise to meet consumer demand, but they also have an incentive to stock up before inflation can drive costs higher,” said NRF vice president for supply chain and customs policy, Jonathan Gold, adding, “Whether it’s freight costs or the wholesale cost of merchandise, money retailers save is money that can be used to hold down prices for their customers during a time of inflation.”
Gold went on to say, “In addition, retailers are preparing for any potential disruptions because of the West Coast port labor negotiations, which are set to begin next week.”
Ports have not yet reported data for April, but Global Port Tracker forecast 2.27 million TEU, which translates to an increase of 5.7% compared to the same month in 2021.
May is projected at 2.3 million TEU, a number that may be down 1.4% year-on-year, but it is also the third-largest in history.
The forecast for June amounts to 2.29 million TEU, an increase of 6.6% from last year, while for July to 2.31 million TEU, an increase of 5.3%.
Ιn August 2.29 million TEU are expected to be imported, an increase of 0.9%, and in September, 2.15 million TEU, an increase of 0.3%.
NRF expects a total of 13.5 million TEU to be imported into US ports in the first half of 2022, an increase of 5.1% on an annual basis, while imports for the whole of 2021 amounted to a total of 25.8 million TEU.
Inflation leads to record imports at US box ports
